DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 28 Jul 2016 00:19GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9895
55 HR EMA
0.9897
Trend Hourly Chart
Near term down
Hourly Indicators
Oversold
13 HR RSI
27
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9956 - May's high (30th)
0.9910 - Y'day's Asian low (now res)
0.9893 - Last Fri's high
Support
0.9834 - Tue's low
0.9811 - Mon's low
0.9763 - Jul 14 low
. USD/CHF - 0.9850... Although the pair retreated to 0.9910 in Asia on Wed , price rose to 0.9946 in Europe n later briefly climbed to a fresh 7-week high at 0.9951 in post-FOMC NY b4 tanking to 0.9861, then 0.9848 in Australia today.
. Looking at the daily chart, although dlr's erratic rise fm 0.9522 (Jun's low) to 0.9907 last Thur, then 0.9951 y'day suggests re-test of May's 0.9956 peak would be seen after consolidation, abv would confirm MT upmove fm May's 5- month tough at 0.9444 has resumed, then price would be en route to next upside chart obj. at 1.0094 (Mar high). However, y'day's selloff in post-FOMC session signals further 'choppy' trading below 0.9956 would continue n below 0.9813 would shift risk to downside for stronger retracement of recent erratic rise fm 0.9522 to 0.9787 (38.2% r) but reckon sup at 0.9763 would contain weakness.
. Today, dlr's intra-day selloff fm 0.9951 to as low as 0.9847 (Asia) con- firms recent upmove has made a temp. top as said y'day's high was accompanied by 'bearish divergences', current falling macd confirms this view, suggesting dlr would remain under pressure n yield weakness to 0.9811/13 sup, break, 0.9787. So selling on recovery is recommended n expect 0.9907/10 should hold fm here.
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